11th May 2016 11:10
LONDON (Alliance News) - Wolverhampton-based Andrews Sykes Group PLC, the UK air conditioning hire company, on Wednesday reported higher annual pretax profit, as revenue rose by 6.5% and its combined distribution costs and administrative expenses rose only slightly.
Pretax profit rose by 14% to GBP13.4 million in 2015 from GBP11.8 million in 2014, Andrews Sykes said in a statement, on revenue of GBP60.1 million, up from GBP56.4 million. Distribution costs rose to GBP10.8 million from GBP10.4 million and administrative expenses to GBP10.7 million from GBP10.6 million. The company maintained a total dividend of 23.80 pence per share.
Earnings were boosted by a "strong performances" from the company's hire and sales businesses in Europe and the Middle East, complemented by an improved performance from its installation business in the UK, Andrews Sykes said.
"The mild and wet weather in Europe experienced in the fourth quarter of 2015 continued into the first quarter of 2016, thereby presenting both opportunities and challenges. Our business in the Middle East continues to perform well but we are mindful of the current political and economic issues that surround the region. The board is therefore cautiously optimistic for further success in 2016, always being mindful of the favourable or adverse impact that the weather can have on our business," Chairman Jacques Gaston Murray said in a statement.
Murray, 96, was the the oldest person in the Sunday Times Rich List 2016, with an estimated worth of GBP1.05 billion along with his two sons, Jean-Jacques, 48, and Jean-Pierre, 45.
Shares in Andrews Sykes were up 6.9% at 318.00 pence Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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